Learning Goal 1 Record. Report, and Control Merchandise Inventory PRACTICE Learning Goal 18, continued IA 18-4. Review of perpetual and periodic, FIFO, LIFO, and average methods. A business prepares monthly financial statements, and its inventory information for the month of November is presented here. In this problem, you can complete either or both Part I and Part It below. according to your assignment. Inventory Information November Beginning inventory Sale Purchase Sale Purchase Sale Purchase 20 units @ $20 15 units 10 units @ $18 5 units 20 units @ $15 18 units 10 units @ $13 Part 1 Periodic method calculations Instructions: Using the inventory information in this problem, complete steps a, b, and c from 1A 18-3 above. Part II Perpetual method calculations Instructions: Using the inventory information in this problem, complete steps c, d, and e from IA18-3 above. Part III Analysis Instructions: If you completed IA 18-3, compare your results in this problem to your results in IA 18-3. Can you explain the differences? Tento Part 1: Periodic method calculations Instructions a. Calculate cost of goods available, ending inventory, and cost of goods sold using the periodic inventory method. Prepare a comparison table in the following format FIFO LIFO Average Cost of Goods Available Less: Ending Inventory Cost of Goods Sold b. After completing the table, use the formula BI + net P-El C of GS to verify the cost of goods sold amount. Identify the FIFO, LIFO, and average differences in cost of goods sold and ending inventory What is the reason for the differences? Part II: Perpetual method calculations Learning Goal 1 Record. Report, and Control Merchandise Inventory PRACTICE Learning Goal 18, continued IA 18-4. Review of perpetual and periodic, FIFO, LIFO, and average methods. A business prepares monthly financial statements, and its inventory information for the month of November is presented here. In this problem, you can complete either or both Part I and Part It below. according to your assignment. Inventory Information November Beginning inventory Sale Purchase Sale Purchase Sale Purchase 20 units @ $20 15 units 10 units @ $18 5 units 20 units @ $15 18 units 10 units @ $13 Part 1 Periodic method calculations Instructions: Using the inventory information in this problem, complete steps a, b, and c from 1A 18-3 above. Part II Perpetual method calculations Instructions: Using the inventory information in this problem, complete steps c, d, and e from IA18-3 above. Part III Analysis Instructions: If you completed IA 18-3, compare your results in this problem to your results in IA 18-3. Can you explain the differences? Tento Part 1: Periodic method calculations Instructions a. Calculate cost of goods available, ending inventory, and cost of goods sold using the periodic inventory method. Prepare a comparison table in the following format FIFO LIFO Average Cost of Goods Available Less: Ending Inventory Cost of Goods Sold b. After completing the table, use the formula BI + net P-El C of GS to verify the cost of goods sold amount. Identify the FIFO, LIFO, and average differences in cost of goods sold and ending inventory What is the reason for the differences? Part II: Perpetual method calculations